Ukraine, Ukrainian-Korean Business Council sign memo on coordinating cooperation with Republic of Korea – Economy Ministry
First Deputy Minister of Economy Oleksiy Soboliev and the chairman of the Board of the Ukrainian-Korean Business Council signed a memorandum on coordinating cooperation between Ukraine and the Republic of Korea on May 2, the Ministry of Economy of Ukraine said on Monday.
"The signing of today's memorandum is an important stage for coordinating our cooperation with the Republic of Korea on the principle of a 'single window.' We want to form long-term institutional cooperation through the Ukraine-Korea Economic Development and Cooperation Fund, develop it as much as possible, and integrate the Korean private sector into strategic state initiatives. The intergovernmental partnership between Ukraine and the Republic of Korea allows us to attract credit funds from the Korean Economic Development and Cooperation Fund (EDCF) to the Ukrainian economy," the ministry said, citing Soboliev.
The deputy minister said last year a five-year framework agreement for $2.1 billion was signed for projects to restore Ukraine, which launched the practical implementation of our agreements, but Ukraine is still interested in expanding cooperation.
The memorandum provides for maximum assistance to economic development and strengthening relations between Ukraine and the Republic of Korea. This concerns the formation of a favorable climate for attracting investors, establishing direct contacts between businesses, government agencies and scientific organizations of the countries, and creating a single platform for coordinating cooperation between Ukraine and the Republic of Korea.
It is noted that the parties agreed on cooperation in the field of promoting investment in key sectors of the economy, in particular, industry, infrastructure, agrarian and energy sectors; supporting Korean companies in entering the Ukrainian market and Ukrainian companies in entering the market of the Republic of Korea; introducing innovative technologies into production and management; developing joint projects in strategically important industries and areas of digitalization, artificial intelligence and green energy.
It was also agreed to support an increase in bilateral trade volumes by facilitating access to the markets of both countries; providing logistical support and creating conditions for the export and import of goods; supporting joint research projects and scientific conferences; supporting joint projects of small and medium-sized businesses with a focus on innovative approaches and sustainable development; organization of business forums and business meetings to expand networking contacts.
In the near future, the Economy Ministry of Ukraine, together with the Ukrainian Development Cooperation Agency, should compile a complete list of projects that can be implemented in cooperation between the countries, both in cooperation with the EDCF and outside it, in particular in the private sector. The parties agreed to jointly monitor the implementation of each initiative.
In addition, it is also planned to create a dashboard with the most promising projects and develop a roadmap for key areas of interaction.